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The document outlines the procedures and requirements for establishing a Protection Gift Trust with Legal & General, specifically focusing on a Discretionary Trust deed. It includes a checklist for completing the trust, important notes regarding legal and tax implications, definitions of key terms such as settlor, trustees, and beneficiaries, as well as provisions for managing the trust fund. The document emphasizes the importance of seeking legal advice and maintaining accurate information about trustees and beneficiaries to ensure compliance with regulations.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

What is the biggest mistake parents make when setting up a trust fund?

Selecting the wrong trustee is easily the biggest blunder parents can make when setting up a trust fund. As estate planning attorneys, weve seen first-hand how this critical error undermines so many parents good intentions.

Whats wrong with massively discretionary trusts?

Both criticisms ultimately point to the concern that beneficiaries interests are not adequately protected and that massively discretionary trusts are an abuse of the trust structure.

Is it worth having a discretionary trust?

Discretionary trusts can be very useful in a number of circumstances. They can be tailored to suit the needs of you and your family and benefit your estate as a whole. They are valuable as a way to protect assets for beneficiaries who dont have the ability to manage their own funds.

Who owns the money in a discretionary trust?

In the case of a Discretionary Trust, the Trustee has legal control of the funds. Therefore, they are the legal owner. However, the funds are held and distributed to benefit the beneficiaries. The beneficiaries are the beneficial owners.

What is a discretionary gift trust protection?

For Protection. Our Flexible (Discretionary) Gift Trust is written on a discretionary basis, the trustees use their discretion when deciding who ultimately benefits from the trust capital. As this is not a split trust the life assured, or settlor does not retain an interest in the policy.

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What are the disadvantages of a discretionary trust?

The asset is not your personal asset. Difficulty getting finance to buy assets in a Trust. Inflexibility: Discretionary trusts have limitations on how assets can be used and distributed, which can limit their use in certain situations.

What is the downside of a discretionary trust?

Disadvantage 1: Complexity Like other trusts, setting up a discretionary trust can be complicated. The complexity depends on: Whether its a company structure (more complex) or a family trust. The number of beneficiaries.

Get the up-to-date Protection Gift Trusts Discretionary Trust Deed - Legal & 2025 now

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What is the biggest mistake parents make when setting up a trust fund?

Whats wrong with massively discretionary trusts?

Is it worth having a discretionary trust?

Who owns the money in a discretionary trust?

What is a discretionary gift trust protection?

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What are the disadvantages of a discretionary trust?

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